Artrya (ASX:AYA) executives used the company’s latest quarterly update call to highlight an expanding U.S. commercial footprint for its Salix coronary CT angiography (CCTA) software, early plaque-related fee-per-scan revenue, and progress toward a planned FDA submission for its Coronary Flow module. Management also outlined the scope and objectives of its upcoming SAPPHIRE real-world study and reviewed a strengthened cash position following an $80 million capital raise.
U.S. foundation partners converted to commercial contracts
CEO and co-founder John Konstantopoulos said the December quarter was focused on putting “the right commercial and operational foundations in place” to support expansion in 2026. A key objective, he said, was converting the company’s three U.S. “foundation partners” into full commercial customers.
- Northeast Georgia: three-year contract with a minimum $300,000 agreement
- Cone Health: five-year agreement with a $450,000 minimum
- Tanner Health: five-year contract with a minimum of $600,000
He said Salix is being rolled out across Northeast Georgia’s five hospitals and the Georgia Heart Institute, as well as across Cone Health’s hospitals and physician practices in North Carolina. Konstantopoulos described the Coronary Anatomy platform as enabling clinicians to report “off a single solution” and improve efficiency when reading CCTA scans, while emphasizing that the larger commercial opportunity is tied to the Plaque module’s per-scan economics and its ability to support plaque assessments and patient risk stratification.
Plaque module integration begins generating fee-per-scan revenue
Konstantopoulos said Artrya successfully integrated the Salix Coronary Plaque module and went live with Tanner at its first facility during the quarter, marking the company’s “first Plaque fee per scan revenue.” He described the integration as seamless and said early clinician feedback has been “extremely positive.”
On the call, Konstantopoulos relayed comments from Tanner’s cardiology lead, Dr. Khawaja, who said reading a CCTA scan using prior tools took about 25 minutes per scan, often requiring after-hours work. Using Salix, the clinician said it takes “at worst” about five minutes per scan, allowing reading to happen during rounds and enabling more time to focus on patients, according to management’s summary.
Konstantopoulos also told listeners Artrya is finalizing onboarding of remaining Tanner centers and expects usage to move toward full volume in the next quarter and into FY2027. He said the company is also seeing more use of the Plaque module and is working with Tanner to support adoption.
Customer success team built out in the U.S.
As commercialization begins, Konstantopoulos said Artrya has prioritized building an on-the-ground U.S. customer success capability. He said the company has recruited and trained several experienced field personnel and that the team is now fully operational.
He outlined support activities including coordinating with hospital IT teams to ensure data flows between imaging systems and electronic medical records, optimizing workflow for physicians, training imaging lab staff, and assisting administrative and reimbursement teams with patient reporting and reimbursement processes tied to the plaque reimbursement code.
FDA pathway for Coronary Flow module and updated timing
Konstantopoulos reiterated that a major focus is obtaining FDA clearance for the Salix Coronary Flow module, which he described as providing a functional assessment of blood flow and the severity of stenosis to inform invasive procedure decisions. He said Artrya held a formal Q-submission meeting with the FDA during the quarter, calling it productive and noting that the FDA confirmed a 510(k) approach and provided guidance on comparative data requirements and performance thresholds.
While the company had previously targeted lodging its FDA submission in late 2025, Konstantopoulos said Artrya expanded calibration and study work to strengthen the submission, with the goal of improving the speed of clearance after filing. He guided the market to an “end of June 2026” FDA clearance and said the company remained comfortable with that outcome.
During Q&A, management addressed investor questions about the shift in timing. Konstantopoulos said the company was not concerned, framing the priority as having the Flow module cleared by the end of the financial year to support ramping all three modules with foundation customers into FY27. He attributed the timing changes to efforts to build a more robust submission, including adding an additional study beyond those discussed with the FDA, and to the need to secure sufficient high-quality imaging data. He said that when run on suitable data, accuracy is “beyond the limit that the FDA has set.” He also said product development for the Flow module is complete and that work is now in a testing phase tied to study scans.
SAPPHIRE study sites finalized; conversion expectations outlined
Konstantopoulos said Artrya secured all participating sites for its SAPPHIRE study ahead of launch in 2026. He listed Huntsville Hospital Heart Center, Mass General Brigham, and Ascension Augusta as joining Piedmont Healthcare, and noted that HCA Healthcare and Dignity Health (part of the CommonSpirit group) were also added. He described the study as a retrospective, multi-center, real-world trial assessing the clinical utility of Salix Coronary Plaque and a “Plaque dispersion score” aimed at improving risk stratification.
He said Dr. Ron Blankstein of Mass General Brigham will serve as principal investigator. Management said the clinical team is progressing contracting and ethics submissions across all centers, with plans to begin accessing retrospective scans around mid-year. In Q&A, Konstantopoulos said the “true statistical work” starts in the second half of the year and that preliminary results are expected by year-end.
Asked about scan volumes and revenue opportunity, Konstantopoulos said the SAPPHIRE partners collectively represent up to about 400,000 CCTA scans per year and that at a blended rate across three modules of about $850, it equates to roughly a $350 million revenue opportunity. On study costs, he said Artrya has budgeted roughly $100,000 to $200,000 per center.
On partner conversion timelines, Konstantopoulos said Artrya has guided that foundation customers ramp to full volume in FY27 (which he characterized as roughly 15,000 scans per year) and that SAPPHIRE partners would ramp into FY28. He described a typical path of a 30-60 day pilot followed by contracting and integration, estimating roughly four to five months from post-pilot agreement to a commercial contract.
Interim CFO Richard Jarvis also reviewed the quarter’s cash flow, noting customer receipts of $60,000 and total operating outflows of $5.4 million, down from $6.1 million in the prior quarter. He said headcount increased to 49 from 41, including five U.S.-based hires. Jarvis reported $76.5 million in cash and liquid assets at 31 December and said the company had lodged its FY25 tax return and expected an R&D rebate of $5.6 million in the March quarter.
About Artrya (ASX:AYA)
Artrya Limited operates as a medical technology company that uses artificial intelligence (AI) to identify patients at risk of coronary artery disease. It offers Salix, a cloud-based software that uses its AI to automate the detection of coronary artery disease from coronary computed tomography angiography. Artrya Limited was incorporated in 2018 and is based in West Perth, Australia.
